Green, who turned 67 yesterday, is in talks with The Pensions Regulator over his plans for a so-called Company Voluntary Arrangement (CVA).

Arcadia has a £565million deficit in its pension fund – a situation that is likely to raise eyebrows following the collapse of BHS a year after Green sold it to three-times bankrupt Dominic Chappell for £1.

BHS went under with a £571million black hole in its pension fund.

Green eventually agreed to plug the scheme with £363million as he faced calls to be stripped of his knighthood for his role in the demise of BHS.

He has previously said he would pay £50million a year into the Arcadia fund over the next ten years, but the regulator is keeping a close eye on his latest plans.

An Arcadia spokesman said it was exploring several options for the business.